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To: Roebear who wrote (50261)	9/1/1999 9:27:00 PM
From: Roebear	Respond to of 95453

paul, Just skimmed the UFAB annual report. It is well put together and had some pleasant surprises for me, like the fact that they do about 40-59% of their business other than the GOM. If they are competitive to offshore West Africa then they should be competitive GOM. They didn't pull many punches or gloss over things too much. The report was well done, not too glossy but certainly not cheap looking, at the same time it is simple enough not to have cost an arm and a leg to produce. This is an important aspect to me, more psychological than FA, but I think the appearance of a report tells a lot about what a company actually is, no matter how they think they are portraying themselves. UFAB report struck me as being unpretentious, cost effective, yet ambitious. Just perfect for a small company. This may be fluff to most of SD'ers, but psychology was one of my majors and I use it heavily in my investing (especially on myself VBG). They also spent a good deal of space explaining their operations, which, while it may be old hat to the OSX old timers here, I found very interesting. The reduction in their income was matched pretty well with cost reductions, reducing impact on earnings in a tough year. To me this shows management is in touch with the business. Unfortunately I have not had the time and probably do not have the expertise to critique their financial reports. I don't see anything obviously out of whack but I would appreciate hearing from any that do. The stock had a bit of a rise today which I would partially attribute to a well done annual report. It should be well done BTW, isn't it quite late??? Finally, I liked the fact that insiders own 30%+ of the company but disliked the fact that I sold most of my UFAB to buy RRC, though that was a good trading move. I believe UFAB has a future, esp with Lake Charles if it is done by the end of 99 as they say. I hope to reestablish my long term position in the stock, but feel I may have some time to do so. Roebear